This chart shows the exorbitant rates of interest the working poor are charged in 'Merica to get to the next paycheck, when they will have to take out another 'short term' loan to pay off the previous one. This is how the industry makes 3/4 of its profits. The pernicious pay day loan industry is an unsubtle example of class warfare that insures working people are working for capitalists, not themselves. US Person has advocated reestablishing postal banks that can make small loans at a reasonable rate of interest and pay small savers a 2% return on their deposits. Postal banks operated in the US until 1967. At its peak in 1947, the system held almost $3.4 billion in deposits because it worked. Since the Great Recession of 2008, households have made an effort to reduce their amount of indebtedness. Still, there are more payday loan outlets than McDonald's in 'Merica, another name for 'freedom':
No doubt there is a need for short-term loans especially when employers do not pay a living wage, or substitute temporary employees with no benefits for real employment, but do the plutocrats need to prey on poor people in the process? Not, if as Bernie Sanders suggests, “We overcome their greed, and create an economy and a government that works for all, not just the one percent." Kenneth Langone, who co-founded Home Depot is a man worth $3.7 billion dollars, yet pays his workers so little many rely on food stamps, Medicaid, and public housing says, "I saw Bernie Sanders and the kids around him." I thought: "This is the antichrist." Their delusional mind set is real, and this election is their Armageddon against socialism!